Sweden’s Electrolux AB, one of the world’s largest home appliance makers, posted a net profit in the first quarter after a loss a year earlier, but the figure was below market expectations.
The company said in a press release that its net profit in the January-March period was 42 million kronor ($4.4 million), compared with a loss of 1.23 billion kronor in the same period last year.
Analysts polled by FactSet had on average forecast a net profit of 193.6 million crowns.
The company’s revenue rose 5% to 32.576bn kroner from 31.077bn kroner a year earlier. The experts’ consensus forecast called for the figure to be 31.93bn kroner.
Electrolux noted the increased uncertainty in the markets and worsened its forecast for shipments of key products to North America: while the company had previously expected shipments to remain at around last year’s level, it now expects them to decline. It also expects a “significant negative” impact of external factors on its results in 2025, whereas previously such an impact was assessed as “negative”.
Electrolux shares are down 11.7 per cent in Stockholm trading. Since the beginning of this year, their value has fallen by 29.3%.